Category: Social Security

A red figure standing in front of a group of white people.

Retirement

Annual Social Security Trustee Report Urges Reform

The annual Social Security trustees’ report is to advise Congress on the financial condition of the Social Security system over the next 75 years. If they project that 100% of benefits will be paid, it’s said to be in balance and no action will be needed. If they project a shortfall, they call on Congress to fix the problem by either raising taxes, cutting benefits, or some combination of the two.

June 14, 2022

IRAs

Beware of Tax Torpedoes and the IRMAA Cliff

Tax traps are waiting. Did you it’s possible to be smack in the middle of the 22% tax bracket, yet taking an additional $1,000 in income could make that additional money taxable at 40%? It can happen to some taxpayers. In fact, there are other pitfalls many aren’t aware of, as well.

April 11, 2022

Retirement

New Social Security Statements Available

Have you checked your Social Security statement on the SSA’s website? You should; there’s a lot of good information there!

March 24, 2022

Retirement

Are You A “Baby Boomer” Getting Ready for Social Security?

If you’re a baby boomer, you may want to begin your Social Security planning early – and it’s especially true when it comes to claiming Social Security! Today it’s different from when your parents filed their claims: they just went down to the Social Security office and put in the paperwork! Today, it’s far more complicated.

March 18, 2022

Inflation